Egypt’s Minister of Finance Mohamed Maait said Egypt was going to establish a new pension fund in addition to the sovereign wealth fund.

He told Ahram Online on the sidelines of the Euromoney Egypt Conference that kicked off on Monday that the sovereign wealth fund was targeted to manage EGP 1.5 trillion over seven years. The two funds would maintain Egypt’s economy in the forthcoming years, he added.

Maait stated that 70 percent of the capital of the sovereign wealth fund would be invested in governmental projects and the rest in other sectors.

The fund's director-general and board members had been nominated. It was expected to start operation in October, Maait added.

The capital of the sovereign wealth fund, according to Maait, is EGP 1 billion and the finance ministry will transfer the capital to the fund within days. The fund will also manage a number of state-owned assets.